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How Liberty's Expedia Spinoff Is Textbook John Malone

Liberty Interactive Corp.'s (QVCA) planned spinoff of Liberty Expedia Holdings fits neatly into John Malone's playbook of complicated, tax-free transactions.

The question is whether the spin of Liberty Interactive's stake in travel booking site Expedia (EXPE - Get Report) and other online assets is routine spring cleaning designed to present Wall Street with a simpler bundle of assets to value or indicates larger moves to come.

Liberty Interactive suggests in the prospectus for the split the new group could merge with Barry Diller's Expedia. The divestiture of Liberty Expedia, and the planned spinoff of CommerceHub, come as Liberty Interactive prepares to invest in a Malone vehicle linked to the merger of Charter Communications (CHTR - Get Report) and Time Warner...


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